Homeownership Vouchers could be your key to owning a home!
These vouchers are part of the Housing Choice Voucher Program. If you are eligible, the Housing Choice Voucher to Homeownership Program lets you use your monthly assistance toward a home loan payment instead of rent. You must currently be participating in a Housing Choice Voucher Program with Kentucky Housing or your community’s housing assistance office.
Benefits of Homeownership
Who Can Apply?
You must be a current participant in a Housing Choice Voucher Program AND you must agree to attend and complete Kentucky Housing’s homeownership counseling to ensure your credit standing is suitable to apply for a home loan.
Other Eligibility Guidelines:
- You must currently be participating in a Housing Choice Voucher Program with Kentucky Housing or your community’s housing assistance office.
- You must not owe any money to Kentucky Housing or any other housing assistance office.
- You must have had no more than two termination notices in the last two years.
- You must have paid your part of the rent on time for 12 months.
- Your household must have at least one family member that has been employed continuously for one year, earning at least minimum wage for 30 hours or more per week; OR your household has an elderly or disabled member with a monthly disability income of at least $674.
- You must not (nor any member of your family) have owned or had an ownership interest in a home for three years. Exceptions include:
- A single parent or displaced homemaker who, while married, owned a home with his/her spouse or resided in a home owned by his/her spouse.
- A family that may have previously owned a home and includes a member with disabilities and for whom homeownership assistance would provide a reasonable accommodation.
Can I choose any home or are there special requirements?
- The home you choose must pass a housing quality standards inspection and a general home inspection before approval for purchase.
- The home must be one you can afford as determined beforehand.
- The location of your home must be in the same area as the agency that is giving you the assistance.
How do I apply?
If the housing authority that you currently work with participates in this program, contact that office directly. If you receive your voucher through Kentucky Housing, contact the person listed below.